Core Viewpoint - The resignation of Hou Xiaohai as Executive Director and Chairman of China Resources Beer Holdings Co., Ltd. is a significant leadership change, with the company emphasizing that this will not affect its normal operations [1][3]. Group 1: Leadership Transition - Hou Xiaohai resigned to focus more on personal arrangements, confirming no disagreements with the board [1]. - The position of Chairman will remain vacant until a suitable successor is appointed, with Executive Director and President Zhao Chunwu temporarily taking on the responsibilities [3]. Group 2: Company Development and Strategy - Under Hou Xiaohai's leadership, the company implemented a "3+3+3" strategy and underwent significant transformations, including organizational restructuring and brand optimization [1]. - The company has been expanding its presence in the liquor sector, acquiring a 55.19% stake in Guizhou Jinsha Jiao Wine Industry Co., Ltd. for 12.3 billion yuan [2]. Group 3: Financial Performance - The financial performance of the acquired liquor businesses has been underwhelming, with Guizhou Jinsha's revenue for 2024 projected at 2.149 billion yuan, a growth rate of only 4%, significantly below the 40% target [2]. - Jinzhongzi Wine reported a revenue of 925 million yuan in 2024, a year-on-year decline of 37.04%, with a net loss of 258 million yuan, a staggering drop of 1067.17% [2].